Capital Group cuts stake in Wynn Macau Ltd, gets US$12mln

Mar 21, 2022 Newsdesk Latest News, Macau, Top of the deck  

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United States-based Capital Group Companies Inc has grossed about HKD90.0 million (US$11.5 million) from disposing of just above 19,45 million shares in Macau casino firm Wynn Macau Ltd.

The exercise, completed on March 16 at an average price of approximately HKD4.63 per share, reduced Capital Group’s long position in Wynn Macau Ltd to 5.73 percent, from 6.10 percent.

The disposal took place after Wynn Macau Ltd saw its share price at an all-time low on March 15, at HKD4.32 apiece.

Stocks of Macau casino operators fell sharply last week in the Hong Kong market, coinciding with mainland China announcing stricter countermeasures against Covid-19. The stock price of these companies rebounded later in the week.

Hong Kong-listed Wynn Macau Ltd operates the Wynn Macau casino resort (pictured) on Macau peninsula, and the Wynn Palace property in the city’s Cotai district. The firm’s parent is U.S.-based Wynn Resorts Ltd.

The company confirmed to GGRAsia last week that it had already made applications for extending its gaming rights until December 31 this year, just as its peers in Macau. The extension was made feasible by the Macau government as it works to prepare a new public tender for Macau gaming permits.

The current six gaming licences in Macau were due to have expired on June 26.

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